Category Archives: Terrorism

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Hiscox Introduces Terrorism Insurance for Hospitals

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In 2007, Congress extended the Terrorism Risk Insurance Act, which was first introduced in 2002 in response to the concern of subsequent attacks after 9/11, for seven years. So although the federal backstop that complements the private insurance market for terrorism insurance will be around in its current form until at least 2014, this risk is still one that many feel needs to be better addressed by insurers.

Enter a new product from specialty insurer Hiscox. The company’s press release introducing its new health care terrorism liability coverage calls hospitals soft targets for terrorists to attack “due to their relatively low level of protection, a high throughput of people, and the knock-on effect that one successful attack could have on the entire U.S. health-care system.” The policy offers million in liability (including evacuation costs, surge costs, safe notification expense, and triage costs) with nuclear, chemical, biological and radiation attack coverage also available.

Ian Thompson, senior vice president for Hiscox’s health-care business, says that is the first terrorism liability for U.S. health-care companies, which “have a genuine vulnerability to the terrorist threat whether perpetrated by single issue, direct action groups such as animal rights or anti-abortion organisations, disturbed/disgruntled individuals, or religious extremists.”

Ten Years After

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Of all the “where were you when?” moments, none resonates so clearly in my mind as the attacks of September 11, 2001.

I’m not a sentimental person by any means but even a decade later, I find myself getting choked up when watching or reading reports of that day.

Everyone has a story. I was working in Midtown Manhattan. From my 20th floor office window, I had a view of the towers and watched as they buckled and fell before my eyes. No one in the office said anything. There were no words.

As I made my way to the train that would take me home to Long Island, the city was in shock. The expressions of sorrow, horror, confusion and fear that I saw likely mirrored my own. As I walked, I stared in a daze at the black smoke in the distance until I realized that I had been walking in the middle of the street for blocks with no regard for traffic. But no car horns ever sounded. At the train station, the mood was the same. Even though trains were delayed, no riders complained. Who would dare when you were sharing the platform with downtown workers covered in the dust of collapsed buildings that once dominated the New York skyline?

When I finally made it home, everyone wanted to hear about what I saw, but I didn’t want to talk about it. How do you describe what it’s like to watch a skyscraper full of people fall to the ground?

Thankfully, no one I knew died. I was lucky. Loss was everywhere, however, and when I finally returned to the city after a few days, sagging shoulders and hollow, glassy-eyed stares were all too common. I had to stop reading the newspapers because the reports became too excruciating. It was all I could do to keep from crying.

It’s a cliche to say that the world irrevocably changed on September 11, but it did. In a sense, the world shrank. Terrorism was no longer something that only happened overseas. The fears of the world were our fears now. And with that came the increased need for more and better security. To a certain extent, Americans had always taken their safety for granted, but now this kind of thinking was obsolete. The attacks showed us that all risks were possible and our mitigation plans were going to have to change to reflect this reality. Ten years later, this mindset lives on every time we go to the airport or participate in a disaster preparedness drill. It is a testament to our resiliency that we now find most of these things to be annoying. Evidently, not even terrorists could stop us from complaining.

If there can be anything positive to take away from this tragedy, perhaps it is that September 11 has made us more vigilant to all the risks that are around us and, as a result, organizations and individuals alike have taken great steps to reduce these threats. We still have blind spots, as evidenced by Hurricane Katrina, for instance. But overall, the argument could be made that in some ways we may be safer than we were 10 years ago.

Of course, this doesn’t mean the painful memories of September 11 have vanished, particularly for the families and friends of the nearly 3,000 people who died that day.

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But there has been progress. At the World Trade Center site, the National September 11 Memorial and Museum opened on the anniversary of the attacks, while the new One World Trade Center steadily climbs to its eventual 1,776-foot height after years of political infighting and financial controversy. Hopefully, these signs of rebirth, coupled with the memory of those we lost, can inspire us to move beyond tragedy and create a new legacy for September 11 — a legacy of a better, safer world.

September Issue of Risk Management Now Online

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Faithful readers: the June issue of Risk Management magazine is now online. The cover story focuses on the four risks facing energy companies today and how often-overlooked areas such as commodity markets and compliance pose serious threats. Other features explore the six errors in judgement people are prone to when appraising risk and Risk Management‘s 4th annual risk management and insurance education review.

Our columns explore topics such as:

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter, “like” us on Facebook and join our LinkedIn group.

2010 Disasters Cost the World $218 Billion and the Insurance Industry $43 Billion

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Swiss Re’s latest sigma study (full report; abstract) reveals that the final economic losses resulting from disasters (both natural and man-made) across the globe in 2010 was $218 billion — a number that dwarfs the $68 billion in damages caused by catastrophes in 2009.

With unprecedented flooding, Asia was the region worst hit, with $75 billion of the total occurring there. In relative terms, however, the fallout may be worse for the Latin America/Caribbean region. The $53 billion caused by the earthquakes in Haiti and Chile represents a staggering 1.1% of the region’s GDP. (By comparison, Asia’s billion in losses was only 0.

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28% of its GDP.)

Here is Swiss Re’s regional breakdown of the number of disasters, death toll and financial fallout.

Insured losses in 2010 totaled $43 billion as a whopping 10 different events caused insured losses of at least $1 billion. This was a huge jump from the $27 billion in insured losses for the global industry in 2009.

In all, 2010 had 304 catastrophic events.

The globe has seen a troubling trend of more natural catastrophes nearly every year in recent decades, and 2010 was no different with 167 natural disasters. On the flip side, the declining trend of man-made disasters the world has experienced since 2005 also held true, with just 137 man-made events. This is perhaps the only positive nugget of information in the entire report. (Although even this silver lining is bittersweet as you will see below when we look at the resulting death toll.)

Worst of all, of course, were the 304,000 people killed by disasters last year, making 2010 the third deadliest year since 1970 (the year Swiss Re first began collecting such data).

In 2010, severe catastrophes claimed significantly more lives than the previous year: around 304,000 were killed, compared to 15,000 in 2009. The deadliest event in 2010 was the Haiti earthquake in January, which claimed more than 222,000 lives. Nearly 56,000 people died during the summer heatwave in Russia. The summer floods in China and Pakistan also resulted in over 6,200 deaths.

Man-made disasters accounted for a small percentage of deaths last year, in relative terms, but the 6,446 killed was still a significantly higher number than the 5,970 who died in this manner in 2009. This fact puts a large blemish on the positive news that there were fewer man-made events. There may have been fewer incidents, but the ones that did occur were deadlier and that lower-occurrence/worse-outcome ratio should be going the other way in 2011 as safety, security and other risk management means strive to lessen the impact of catastrophes.

The man-made disasters that claimed the most victims in 2010 were a lead poisoning outbreak at an illegal gold mine in Nigeria in March (400 victims, mainly children), a stampede on a bridge at a festival in Cambodia in November (375 victims) and the collapse of a gold mine in Sierra Leone in March that killed approximately 200 people. Meanwhile, aviation and maritime disasters accounted for more than 800 and 1,100 victims respectively.

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Moving beyond the past, the globe has already been badly battered so far in 2011.

The Japanese earthquake and tsunami killed an estimated 18,500 people and caused upwards of $30 billion in insured losses alone, according to some experts. The Christchurch quake in New Zealand also ravaged the insurance industry, Australia floods cost billions and winter storms in the United States did plenty of damage of their own.

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Who knows what the final fallout will be from social revolutions in the Middle East, but it’s safe to say that there will be some claims.

All this and it’s not even hurricane season yet.

Hopefully, there is no way that more people will be killed by disasters in 2011 than we saw in 2010. But when it comes to economic losses, specifically insured losses, it is already shaping up to be a historic, market-altering year.